Get the Mach newsletter. SUBSCRIBE Virtual currencies have been part of the world’s monetary system since 2009, when Bitcoin became the first of what is now a handful of these so-called cryptocurrencies. Digital currency transactions take place in online exchanges, lending an anonymity that has led to shadowy associations with drug trading and money laundering. But that anonymity, and the convenience with which the transactions can be made, have also fueled the popularity of cryptocurrencies. More than 6 million people now own virtual currency — including many investors looking to…

The value of a cryptocurrency isn’t confirmed by third parties, like governments, the way the U.S. Treasury guarantees the value of the dollar. Its value is recorded and verified at the time you buy or sell it on those blockchain ledgers, which are open for anyone to review. Without government regulation, cryptocurrencies can fluctuate massively from day to day, and the digital mechanisms behind them are regularly hacked by cybercriminals. They’re particularly vulnerable to manipulation by fraudulent advertising and scam artists, which has put pressure on companies like Facebook and…

GETTY Bitcoin prices tumbled following the announcement of a new cryptocurrency crackdown Bitcoin prices slumped after search engine giant Google today announced a ban on adverts for the cryptocurrency. Google said they were banning all adverts for cryptocurrencies, such as Bitcoin, Ripple and Ethereum, as it seeks to “tackle emerging threats”. Initial coin offerings (ICOs) are also covered by the upcoming ban which Bitcoin investors will see enforced in June. The ban will also cover cryptocurrency exchanges and wallets. It comes after Facebook earlier this year introduced a similar ban.…

Park had convinced her mother, Agnes Kang, a retired schoolteacher, to invest in cryptocurrency. Kang invested the equivalent of $25,000 — and lost nearly half of it before deciding to pull out completely in early January. Park, having seen a significant portion of her investment wither away, said she has so little left in her Ripple and Ethereum Classic accounts that she doesn’t even bother checking on them regularly. She deleted one of her apps “for my sanity.” “I am hoping that [after] this whole government regulation, once it gets…

REYKJAVIK, Iceland — Some 600 computers used to “mine” bitcoin and other virtual currencies have been stolen from data centers in Iceland in what police say is the biggest series of thefts ever in the North Atlantic island nation. Some 11 people were arrested, including a security guard, in what Icelandic media have dubbed the “Big Bitcoin Heist.” A judge at the Reykjanes District Court on Friday ordered two people to remain in custody. The powerful computers, which have not yet been found, are worth almost $2 million. But if…

That cryptocurrency you just bought is as vulnerable to hackers as your smartphone or any other digital device, security experts are warning. Virtual — and increasingly popular — currencies like bitcoin, Ethereum, and Litecoin are unregulated and volatile, making them not just a high-risk investment, but criminals can break into crypto exchanges, drain crypto wallets and infect individual computers with malware that steals cryptocurrency. Most buyers believe virtual currencies are a secure way of making payments — without really understanding how they work.
Dado Ruvic / Reuters Still, most buyers…

Before you jump into this explanation of how cryptocurrency affects your taxes, check out our first article in this series: Bitcoin, explained. It’s been a wild ride for cryptocurrency enthusiasts over the past few months. After ascending to a high water mark of $19,205 in December 2017, the world’s preeminent cryptocurrency — that’s bitcoin — shed more than half its value over the 60 days that followed. (As of mid-February, it’s climbed back past $10,000.) Other virtual currencies, including Litecoin and ether, also saw precipitous drops. Now, in the wake of that dramatic…

Lior Rachmany, 39, CEO of Dumbo Moving in Brooklyn, said he started taking bitcoin for payment a few months ago. Cryptocurrency transactions now take up about 5 percent of his business. Sarah Tew/CNET This is part of “Blockchain Decoded,” a series looking at the impact of blockchain, bitcoin and cryptocurrency on our lives. Ever the tech enthusiast, Bert Green decided to start accepting bitcoin at his Chicago storefront in 2013, becoming one of the first art galleries in the US to accept the digital currency as payment. Things didn’t work…

Cryptocurrency entrepreneurs have moved to Puerto Rico to build a crypto utopia – initially dubbed Puertopia but now named Sol – where they plan to pay little in taxes. The crypto expats also hope to demonstrate how the city of the future will look with blockchain methods used for most transactions alongside the development of a new digital cryptocurrency. But it’s less clear about whose future – the few or the many – will be the driving force for change on the US territory. Puerto Rico was devastated by last…

Despite a shaky few months with hundreds of billions wiped off the total cryptocurrency market earlier this week experts are predicting a rebound with the market to bounce back with interest. Experts warned the total value could break the trillion-dollar mark before the year is out. Thomas Glucksmann of cryptocurrency exchange Gatecoin predicted a “rebound” to “all new highs”, which bitcoin value rising from around $7,000 to $50,000. He told CNBC: “Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the…